Spotify’s podcast reorg cost $57mn
Spotify released its financials for Q2/23. Monthly Active Users grew 27% to 551mn. Paid subscribers also grew 17% to 220mn.
Spotify
- The company lost US$272mn in the quarter. Part of that loss was $45mn in “content asset write offs and contract termination and related costs in connection with rationalizing our podcast content portfolio”, and a further $12mn in “severance charges incurred primarily in connection with streamlining our podcast operations”.
- Podcast ad revenue was up 30+% year-on-year, “with sold impressions across Original and Licensed podcasts and the Spotify Audience Network hitting an all-time-high, partially offset by softer pricing.” Podcasts showed improved profitability.Spotify
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